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For many people, life insurance is a tax-saving tool that we hurriedly purchase towards the end of the financial year. Insurance is the security net we all need to secure the financial future of our loved ones. Insurance is an absolute must in any financial portfolio. However, it’s important to remember that when you purchase an insurance policy, you’re entering into a long-term agreement with your insurance provider. With this in mind, it’s a good idea to ensure you’ve picked the right kind of insurance for your needs.
To help you make this important decision, let’s take a look at some factors worth considering before signing on a dotted line:
1. The amount of cover you need
It’s important to understand the kind of cover you will need before you even start looking for life insurance plans. As a general rule, it’s a good idea to look for life cover that is 10 times that of your annual income. The reason people do this is because the life cover you choose could help your family financially if something were to happen to you. It’s also a good idea to note down a few of your financial goals and pick an insurance policy that will help you meet these goals – they could be as diverse as planning for your own retirement or paying for your child’s education.
2. Claim settlement ratio
Most people will overlook this, but it’s absolutely essential that you check an insurance provider’s claim settlement ratio before purchasing a policy. This ratio will tell you how many settlements are actually made by the company as compared to how many claims requests they receive. You’ll want to pick a company that has a high settlement ratio – this way you can rest easy knowing that your nominee won’t have to run around trying to get the money they are owed.
3. A background check
While having insurance is an absolute necessity, don’t rush into making a decision. The insurance provider you choose will likely be a part of your life for at least the next decade, so you need to make sure you’ve done all your research before you’ve decided who you’d like to partner with.
4. Fund performance
If you’ve purchased a Unit Linked Insurance Plan or ULIP, you need to check the company’s fund performance. Almost every company will have these details available on their website, so you can compare the ULIPs before selecting the best one for your financial needs.
5. Terms and conditions
Once you’ve picked a provider and a product, you’ll need to do a little research and read all the policy documents carefully. To be able to reap the benefits of your insurance policy, you’ll first need to understand all the terms and conditions that come with it.
In today’s digital age you can do all your research and even purchase your policy right from the comfort of your home. In fact, when you purchase an online life insurance policy, you may get better deals on premiums and add-ons. Remember, life insurance isn’t just an effective tax-saving tool, it’s possibly the most important financial decision you will ever make, so choose wisely.
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